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Global Currency Reform: A Proposal إصلاح العملة العالمية: مقترح

Sheila Dow

Journal of King Abdulaziz University: Islamic Economics, 2017, vol. 30, issue 2, 79-82

Abstract: Bernard Lietaer (2017) makes a new contribution to the literature on international monetary reform with a proposal for a global currency valued against a commodity basket and subject to demurrage. The proposal is novel in particular because the currency would be private and self-financing, and would operate in parallel with conventional currencies; its impact would depend on how far demand would be diverted from conventional currencies. Lietaer adds to a long tradition of searching for a truly global currency to replace systems which created the problems to which this proposal is designed as a solution: monetary instability and financial instability. By including demurrage on the new currency, the proposal follows in the tradition of identifying the payment of interest on loaned money as a source of instability and usurious, as well as violating Shariah law. In addition, the need for a stable international standard of value has been a recurring theme in discussions of international monetary reform.

Date: 2017
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DOI: 10.4197/Islec.30-2.8

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Handle: RePEc:abd:kauiea:v:30:y:2017:i:2:no:8:p:79-82